What is Medical Plan insurance for small business?

As a small business owner, you may find yourself balancing what is essential to the well-being of your business, especially when it comes to all the different types of insurance you could decide to buy.

It may be tempting to skip out on buying it, but small business plan insurance could be the only thing standing in the way of financial ruin if there is an injury on the business property or damage caused in some way by the company.

When do I need Medical Plan Insurance?

There are four things every small business owner should know about how Medical Plan Insurance for small business works.

Coverage is generally guaranteed issue

You need at least one employee to qualify

You must contribute toward employee premiums

And you can shop for coverage at any time of the year

Our medical insurance plan helps you save money on healthcare costs and keep your employees informed, healthy and happy. And a healthy worker means a healthier bottom line. Our plan is also well-managed, so you can focus on what you do well – run your business.

Red Cover help you build a healthy business

Your staff or employees are your biggest investment. And health insurance is an important factor in retaining and recruiting employees, as well as maintaining productivity and satisfaction.

Offering a “right” health insurance plan is one of the important decisions you can make as a small business owner which is keeping employees happy and healthy in the long run.

But understanding the complex healthcare system has become increasingly difficult for employers, especially small businesses.

Why do I need medical plan insurance for my business?

Getting coverage through a small business medical insurance plan can be cheaper than buying for your own shelter. It can help attract and retain better staffs, increase productivity by ensuring everyone is healthy, and may also save money with credit and tax deductions.

There are several important types of insurance coverage for small professional service providers: professional liability insurance, general liability insurance, and business owner policy. Small businesses with one or more staffs should also consider employee compensation insurance.

Professional liability insurance, also known as insurance errors and omissions, protects the business from claiming that negligent business in performing their professional services or failing to perform their services. This type of insurance is unique as it ensures the actual service your business provides versus other types of insurance that usually protects against more general risks. All professional liability insurance buyers should ensure that their insurance policies will appoint a lawyer to defend them against legal proceedings, although there is no mistake.

General liability insurance coverage covers physical damage to the property of others or injuries to others, as well as protection from claims of libel and slander. Many landlords will require their tenants who rent space in their buildings to carry this type of insurance so they can protect their property.

Small businesses that own their own buildings and have valuable business equipment may wish to consider a business owners’ policy. This type of insurance protects against damage to the property owned and used by the business and also combines the coverage found in general liability.

General liability insurance coverage covers physical damage to the property of others or injuries to others, as well as protection from claims of libel and slander. Many landlords will require their tenants who rent space in their buildings to carry this type of insurance so they can protect their property.

Small businesses that own their own buildings and have valuable business equipment may wish to consider a business owners’ policy. This type of insurance protects against damage to the property owned and used by the business and also combines the coverage found in general liability.

Which is the right one?

It is important for businesses to work with insurance carriers who understand their business so that they can be tailored to meet their specific needs. For example, if your subcontract business does work for others, it is important for the policy to accommodate the subcontractor’s work. Otherwise, you may be left cool if one of the subcontractors makes a mistake and your policy does not cover their work.

Get Insurance Advice

Contact Life Planning Advisor to get in touch with us and start your Medical Plan Insurance for small business coverage now. Get covered correctly. Be advised correctly. Call us today to be advised on the best insurance protection personalized for you.

Medical plan insurance for small business could be the only thing standing in the way of financial ruin if there is an injury to the business property or damage caused in some way by the company. Offering the "right" health insurance plan is one of the most important decisions you can make as a small business owner – keeping employees happy and healthy benefits you in the long run.

Levine Lee is an expert AIA insurance agent and life planner. She has over 12 years of working experience with AIA and ING Insurance as an insurance agent and life planner.This makes her efficient and effective to manage clients for AIA Group Insurance Plans, AIA Life Insurance and AIA Takaful policies.Based in the Klang Valley in Malaysia, Levine serves her customers all over Malaysia, as they move between cities because of job changes.